Hello, and welcome to the Larvotto Resources Investor Webinar. Thank you for joining us today for this presentation, and very sorry about the delay. We had a few technical issues getting started today. Before I pass you over to Larvotto Managing Director, Ron Heeks, and Chair, Mark Tomlinson, a couple of housekeeping matters. Please note all attendees are in listen-only mode for this webinar. At the end of this webinar, we'll also hold a short Q&A session. If you would like to ask a question, you can enter it in the Q&A panel within Zoom. I will now hand over to Ron and Mark, who will run viewers through a presentation on today's news from the company.
Good morning, everyone. Hi, it's Mark Tomlinson. I'm the non-exec chair of Larvotto. We're here today to talk to you about what is a wonderful transformational acquisition that we've been able to make for the company of the Hillgrove Gold-Antimony Project near Armidale in New South Wales. The ability to buy 1.4 million high-grade ounces of gold equivalent for literally only AUD 8 million is just an extraordinary opportunity and, we believe, incredibly value accretive for the company. Ron will now just give you a run-through of the presentation. Thanks again for joining us today.
Thank you, thanks, Mark, for the intro there. I'd just like to highlight again that we call this transformational, and it very much is. It's a heavily used word, but in this case, as Mark pointed out, to buy 1.4 million ounces at over six grams per ton equivalent for about AUD 6 an ounce, when we've got a current gold price of 3,120 is just exceptional. This is a gold antimony project. Antimony is a critical metal. We all know how they're going, and we're at about AUD 19,000 a ton for antimony at the moment as well. Combined, we couldn't have timed this any better. If we can just move through the next couple of slides, which is the disclaimer in the presentation. Please read those when you get an opportunity. The market capitalization of the company was AUD 10 million.
If we think what the company should now be worth, given that it has 1.4 million ounces in it, we'll see where we end up at that. We're looking at purchasing the Hillgrove Gold-Antimony Project. This is an AUD 8 million purchase, AUD 3 million for the resources and assets, and AUD 5 million replaces the government bonds. That's very typical. We have government bonds on every project that we already have. 1.4 million ounces. The 65% of this is measured and indicated. Overall, the resource is about 6.1 grams per ton. The measured and indicated is actually closer to seven grams per ton. 65% of the resource is right up there with some of the best grades in projects in Australia. Antimony, critical mineral. This is the largest antimony deposit in Australia and the eighth largest in the world. It is a world-class deposit in its own right.
The measured and indicated is easily converted into reserves. We need to rebase the costs and move them in, because 65% is in measured and indicated, we would be expecting a very good movement in the near term into our first reserves. The exploration upside of this project is huge. It's easily a multimillion-ounce field. It already is. There's been 750,000 ounces mined from this field previously. There's 1.4 million sitting there, it's already well over two. We expect that to be able to increase from there significantly, we'll have a look at that in the near term of where we think that's going to come from. There's been a lot of money spent on this project. It's got a plant on it. It's got 15 kilometers of underground development.
It's got faces ready to go, and it's got an active processing plant that was running in a limited capacity last year, but that demonstrated that it works and works well. What we do need to talk about is how this opportunity came up, and Hillgrove hasn't had an opportunity in recent memory to run cleanly. It's had several owners that have got into difficulty through other projects and have struggled to bring this on because they've been struggling with their other projects. In this particular case, the operation was owned by Red River. They had a two-year plan that I totally agree with to move the project back into operation. They'd started exploration, which produced some wonderful results. They had started on the mill and rebasing the mill and done a lot of development and tidy up.
They had employed the mine team to take the mine into production or the project into production. When they got into all sorts of difficulties because of a project they had in Queensland, they had a mine collapse at the Thalanga operation that caused them severe cash flow difficulties. At the end of the day, unfortunately, the company went into administration, and a byproduct of that was that Hillgrove fell into administration itself. We're buying it from administrators, but the project itself strictly had nothing to do with the issues that put the company into administration. We need to remember that.
The fact that it has been in administration and the difficulty with doing this deal, we see as opportunity, and we have persevered with this for quite a while because we do see that it is such a perfect fit at a perfect time for the company. The acquisition includes a processing plant that's currently on care and maintenance. It's fully operational. We've got to look at parallels here to Fosterville and Costerfield, particularly Costerfield, which is high-grade gold and antimony. Fosterville also has some antimony. Other higher grade operations around the place that are comparable. Certainly Bellevue may appear to be a long bow, but you need to go and have a look at where they started and where this is starting and we're well ahead of where that went with similar sorts of grade.
Given this, we still have an ongoing commitment to our Mount Isa and Eyre projects in Ohakuri, New Zealand. We've just finished drill programs in Mount Isa and Eyre. Those results are literally coming in as we speak. There's been delays as per normal with the results on both of those, but they've started dribbling in this week. We'll be getting information out on those in the near term. We've also got some metallurgy on the rare earths at Eyre that has just come in in the last couple of days, and that's quite interesting as well. We're doing this raise, AUD 7.6 million at AUD 0.07, which is a 46% discount. We're also bringing in Trafigura for another AUD 2.5 million as well. Very good support.
Trafigura being one of the world's largest offtake partners. We look forward to them joining the register in such a robust way. If we can move to the next slide, please. Our other projects, just quickly, Mount Isa, 900 square km there. We've just finished the drill program. Those results will be out shortly. They're coming in as we speak. Ditto with Eyre. We've been waiting a little bit longer than we would have hoped for some of the results there. The rare earths metallurgy has just come in as well. New Zealand, finalized the drill program there earlier this year. I'd like to point out that we've actually spent more and done more on all of these projects, both meters of drilling and money spent, than what we'd put in our prospectus. If we can move next slide. Thanks. Let's focus on Hillgrove for this presentation.
1.4 million ounces at 6.1. I'll keep saying it, but it is critical. This isn't 1 million ounces at one gram or 1.2 grams that's going to be mined at 8.8 of a gram or something like this. 6.1 grams puts you in a different league altogether. 65% of this is measured and indicated. It would be impossible for us in any way to generate 1.5 million ounces for AUD 3 a ton acquisition of the resource, taking out the bonds, AUD 6 all up. We could never do that for that money to get such high-grade ounces and move that into measured and indicated.
Given that we're a gold explorer anyway, we see this as a unique opportunity to move up the curve, particularly at a time when unfortunately, particularly copper exploration is becoming a little bit unloved, as you can see from some of our peers around the Mount Isa area. Having said that, we're not taking our focus away from that. The long-term benefits to this company is the upside exploration, particularly around Mount Isa. This is just a unique opportunity to move into a different league altogether. It comes with a processing plant, extensive underground infrastructure. The project is essentially ready to mine. There's the best part of two years' mineralization sitting there ready to go, as we speak. It's sitting on fully granted mining leases, 93 square kilometers, so it's a big area. It's in a wonderful part of the world, which saves incredible amount of costs.
You're near a major regional center. It has airports, hospitals, schools. It's a great place to live, so that makes attracting senior staff easier. It's just got so many benefits that you just can't put a dollar number on. The location is one of the greatest assets of this project. It's been an active mining center for 100 years, so it's nothing new to the area. Everybody's comfortable with what's been going on there. The processing route is really quite simplistic. We extract a high-grade gold, free gold, through a Knelson concentrator, then in a conventional float circuit to produce an antimony gold concentrate. One of the things that separates this project from where it was, say, 10 years ago, is that there wasn't a very strong market, if at all, market for gold concentrates or antimony concentrates. That's a different world now.
There's a very active market in both gold and antimony concentrates. There's a brand-new smelter that was only commissioned 18 months ago in Oman. The gold concentrate trade is becoming very active. It's given new life to projects that required a flotation and refractory circuit. That, again, is a game changer for this project and given that it's at all-time record high prices. We talked about how we managed to acquire this from Red River, we'll move on to the next slide if we can, please. Not much of this slide is the same now. The key personnel are still there. Lithium Royalty is one of our significant shareholders. They came in onto the Eyre project, which is the lithium potential there at very early stage, we'd like to thank them again for that.
The share price has been sitting down around AUD 0.12 in recent weeks. There's no doubt that some of that is that we haven't been able to get any information out, and we can only apologize for that. This transaction took considerably longer than what we thought and became considerably more involved than what we thought. It's easily the hardest thing I've ever done. It was worth persevering with because we believe so much in this asset. If we move to the next slide. Thanks. We're bringing in here Gauge Capital. They're an AUD 1 billion fund, investments all around the world. They want to be an active supporter of the company. They see this as a stepping stone to bigger things, and we look forward to them being an incredibly supportive shareholder.
Trafigura, one of the world's largest commodity traders, to have them sitting on the register, we will certainly be talking to them about many things, but to have a fund like that, very supportive, particularly in New South Wales. They've come into Aurelia recently in a big way, so great company to have on the register, and we look forward to working with them moving forward. Next slide, thanks. Hillgrove itself, it's 23 kilometers east of Armidale, so it's a very quick drive out to site. 93 square km granted mining tenements. You can't put a price on what that means these days because everything is permitted and ready to go. It has multiple underground mines. It's sitting on sealed roads. It uses mains power, which is primarily solar in this part of the world. There are some massive solar arrays around the mine.
We're not burning diesel to generate power. The project itself has generated 730,000 ounces of gold previously and 50,000 tonnes of antimony, which is a pretty good record. It's been on care and maintenance since Red River fell into administration. They did run the operation for a period, running low-grade stockpiles that were dated back to the '60s in some cases. They were trying to get a bit of a feed because they were so cash-strapped because of their other operation. They didn't make a lot of money out of that, and the grade was not good, and the tonnes were less than what they thought. It did demonstrate that the plant did exactly what it was meant to do, given the modifications that they'd made to it.
It wasn't very successful for them, but again, another opportunity for us and showed that the plant does what it's meant to do. The plant runs at about 250,000 tonnes per annum, and on current grades, which we would actually expect to be higher by the time we move through into reserves, it will do north of 40,000 ounces per annum. Recoveries in both gold and antimony are very good, aided significantly by putting in that high-grade gold, free gold extraction at the start. Which a lot of that gold wasn't reporting through to the flotation circuit. Red River had solved that problem. Next slide, please. Let's have a look at the reserves. This is a wonderful start for the company. Really can't overstate it enough. 1.4 million ounces.
If you have a look at the measured and indicated, that's the stuff that we'll be moving through to reserve in the near future. We've got nearly 4 million tonnes there at a grade that's going to be much closer to 7, north of 7, in actual fact. Putting you right up there with some of the best performers in Australia. This is just a spectacular start and done at AUD 3 a resource ounce if you don't include those bonds. It's hard to beat. Next slide, thanks. To push the exploration upside, some of the results that were generated in 2022 by Red River, they found a new zone of mineralization parallel and adjacent to a high-grade zone that's already been mined.
Intercepts such as four and a half meters at an ounce, including 500 grams, 96-gram hits, 108-gram hits, and closer to the surface, higher antimony. Some wonderful hits in the new zone. Shows you the upgrade potential of the area. If some of those grades start flowing through, then you really are moving into a Fosterville type situation. The upside here is really quite extreme, and the next slide will really demonstrate how that looks. No, it won't. Yep. Missing a slide there, sorry. If we look at the infrastructure, there's the plant there. It's fully operational. It's in very good condition. It's near immediate start. We would be tweaking it. There is no intention to bring this plant on in the near term.
The near term is certainly all about pushing the exploration, getting up to well over 2 million ounces, but also moving those resource ounces into reserve so that people can see that this is real. The plant will be on care and maintenance for the foreseeable future, and we don't intend spending any sort of significant money on that in the short term. It's all about exploration at this point and proving up some of those high-grade zones exist. Next slide, thanks. The acquisition terms, as we said, AUD 8 million, including the purchase price of AUD 3 million and replacing government bonds. That works out about less than AUD 6 an ounce. That's about 10% of what's been paid for recent transactions around the place.
Given the money that's been spent on the plant, it really is an attractive valuation by any metric, and I urge you to go out and have a look at some of the metrics of other operations. We would have loved to have shown you those, but unfortunately, the rules dictate that we're not allowed to. Please go and have a look at the Fosterville and the Costerfield and Bellevue, and have a look at the Bellevue reserves and tonnes and grade and where we sit in comparison and the history of that, and you'll see why we think this has got so much potential. Next slide, thanks. The deal, you've probably all been through it now, We're issuing 70 million shares at AUD 0.07. This will raise AUD 4.9 million, which is a discount to where we were. We wanted to do this. This was an absolute time-critical deal.
I just can't push that enough. This operation ended up literally a day from going into liquidation, at which point it would never been available in the future. The mining leases would have fallen over, and the freehold ground that's associated with it was effectively sold. We're up against an incredible timeline to make this happen. We had to ensure that it happened. It was a big discount, but that was done because, again, we see the potential of this project is so great that it was worth the pain. We're doing a rights issue as well, so existing shareholders can participate, and I urge those shareholders to do that. Certainly, the chairman and myself will be doing that. We have a, sorry, an underwritten rights issue there of 1 for 2, to bring in the remainder of the funds.
This is fully underwritten by Gauge, who, as I mentioned, want to be a very strong supporter of the company. What are we going to do with that AUD 10 million? We're going to buy the project, obviously. The rest goes into exploration and working capital. We want to move this forward as aggressively as we can, while continuing, and I must stress, while continuing to maintain a high effort on our other projects. We are moving into the wet season in Mount Isa. The exploration up there would have been slowing and is slowing at the moment. We've got lots of results from this year's work to go out in the near term up there. Thank you. We've pretty well been through all this. We think it's a great deal. We have labored long and hard to make this happen.
I can only reiterate again that we see it as the perfect position for the company to put 1.5 million high-grade ounces into the company for the value that we've done, really is exceptional. There's no way we could have done that with a drill bit. We've already spent a lot more of that, than that on exploration. We've generated some wonderful targets that require follow-up, but we certainly haven't been able to get to reserve and resource statement type situations at a grade north of 6, which is just exceptional. It really does stand out by itself, and I urge you to really get in and have a good look at this. The closer you get to it, the better it looks. That's been coming through to us over the last four or five months that we've been working on this.
We just see more and more potential the more we understand it. That's about where we are. If we've got any questions, Ben, happy to answer them.
Sure. Thanks, Ron. I appreciate that presentation on the acquisition of Hillgrove for Larvotto. Some interesting points that you made there. Before we get started on the Q&A session, a quick reminder, if you would like to ask a question, you can do so on the Q&A panel within Zoom. We do have a few questions. Ron, we'll get started on those. The first question I do have is around Larvotto's broader portfolio. You did mention the exploration projects there. Once this acquisition is completed, what would that mean for the remaining exploration projects in-
I certainly will still be supporting what's going on. As I say, we've got results coming in as we speak from all of those projects. We'll be assessing those and getting that information out, as fast as we can. That will drive where we go. At Mount Isa, we've certainly got some really quite excellent geochemical targets that we need to follow up. We've just done a couple of 1,000 meters of drilling there. We'll see what that tells us. We've got 900 square kilometers of ground up around there. It's a very, very active area. Copper at the moment, unfortunately, a little bit unloved. That's more through world events and Russia selling direct to China and things like that's keeping the price down. That'll wash out. We really maintain the focus on that area.
It's a huge bit of ground and a wonderful part of the world. It will retain a high status for us. Eyre, it was a very, very early-stage exploration program. There hadn't been a single hole drilled in the area when we went there. We've already generated some of the highest rare earth results in clays in Western Australia. We're waiting on final results from our recent drill programs there. It's a very early-stage project. We need to keep working that up. It's a big area, 600 square Ks. There's a lot to do. We need to do that in a frugal manner given the cost of exploration at the moment, which is still really quite extreme.
Okay. Thanks, Ron. Next question. This one came through relatively early, and you have touched on it to a degree, but why were the shares issued at such a large discount to the last close? Is there anything else you can add on that?
Yeah. We took that under advice from our brokers and this was a transaction that needed to close. We needed to make sure it was done. It's on par with recent transactions around. It was the price basically set by our advisors to guarantee that this was going to work. The fact that we're doing it as a rights issue, that the current shareholders can participate in that as well, so the effect is not as bad. We understand the issues. I'm a shareholder as well. The Chairman's a shareholder as well. We do understand the issues, but when you look at the benefits from picking up 1.4 million ounces, and what that will allow us to do, we thought it was worth the short-term pain.
With a bit of luck, and early trading would suggest that we're sort of holding our own and people are seeing the benefit for it.
Great. Thank you, Ron. The next question, why didn't Larvotto wait for the drilling results from Mount Isa or Eyre? If they are positive, then commit to a capital raise at a higher share price for less dilution.
I can answer that one pretty easily. Would have been a wonderful world, Ben. When we started this process, we actually hadn't even done those programs. Those programs have been occurring while we've been doing this. This has taken a very long period of time, and I think, the chairman will nod his head when I say it. It's arguably one of the hardest things either of us has done when you tie in companies with administration. The fact that we hadn't been trading for two years and the implications of that, and just getting things done at the moment. Post-COVID, for some reason, everything seems to take twice as long, and I don't understand why. It got to the point where we really did get down to the last day, and I'm not kidding you when I say it was the last day.
There's been a spectacular amount of work over the last few weeks in particular, with some very late nights and some very early starts. It had to happen when it happened, and we didn't have a lot of choice in that. We started off with a lot of options, but they just decreased as we went along. We still believe that the result is well worth the short-term pain. It really does, by any metric, put us into a different league altogether. The asset certainly has a bad reputation. When you understand why that is, it's not its fault. It's a couple of times now companies have been caught out trying to bring this in production. The thing to remember is that they believed in it and they wanted it to work. They got caught on other assets, sometimes in other countries.
You need to look through the smoke to see the fire in this. When you start comparing it to the grade of other similar operations, you can see where the potential is here.
Mark, anything to add on that?
Oh, no. That's all.
That's a wrap-up.
Yeah. That's it.
Beautiful. All right, next question. There's a few typos in this one, but I'll give it a go. Has Waratah Group committed to the capital raise, and are they maintaining their shareholding?
I'm not sure whether they're coming into the rights issue. They haven't let us know that. They haven't participated in the placement. It's not really what they do. They came into the company very strongly on lithium. That's what they are. They're a lithium fund. This is adjacent to what they're doing. They're still a very great supporter of our lithium side, but we're happy to watch. Strictly, their mandate is to invest in lithium projects.
On to the next question. To confirm, does the Hillgrove plant have any chance of getting up and running shortly, or is this for exploration purposes only?
Not in the near term. We'll talk through some of the issues with that in time. It is operational, but what we'd like to do is confirm some of these higher grade hits. We do need to understand a tailings dam, where the current tailings dam is nearly done, so we need to look at putting a new tailings dam in. Do we want to rush into doing this? No. We didn't buy this to be in production next week, but we see that once in production, it will provide a lot of cash flow to support the company for many years and other things that it does, and a spectacular stepping stone as well. It's not going to be an all-out rush to bring it into production. No. Exploration will be the focus and rebasing and really understanding what's going on.
When we do push the button on this, we want to know exactly what's there. Having said that, we don't actually have any reserves at the moment, so the focus will be getting the reserves to a position where you can move forward. You don't want to be restarting a mine on resources. You need a little bit more work to do there. That's our focus. Do the exploration, convert the reserves, make the call.
Sure. I think you've basically answered the next question, but I'll ask it out of courtesy. Why not commence production as soon as possible to provide cash flow for some of the company's exploration goals? Anything to add in that regard?
Yeah, look, no, it's a fair call. Again, we don't have reserves there. You would be looking at some development costs here. That's a financing type situation and we've got to talk to those people. You can only have those conversations when you've got a reserve base. You can't do it on a resource base. We've got to work out what the new costs are for underground mining, and operating the plant and tweaking it to current metallurgy and move forward. It's all about converting into reserves before we can answer that question.
Just to add to that, Ben, at that point, and it won't be that long, we'll be talking to, and have already started conversations with providers of traditional project finance, in terms of banks and funds. We'll be looking to put in place funding packages that quite likely will not require coming back to equity markets. That's going to be the focus going forward.
I suppose adding, Ben, we do have a team with a fair bit of experience on this. We've got a very good team on site that were brought in to do exactly what we're talking about. Our general manager there and geologist, very experienced at this sort of thing. My history is bringing mines back into production and our chairman is an underground mining engineer. We've got a lot of technical support within the company, and we're not an exploration company who's thinking about moving into production without the skills base to do it.
Okay, sure. Another production-focused question. What is the estimated cost and timeline to production then? A two-part question, this one. What is the estimate of the cash position at the 31st of December this year?
Well, both of those have not been defined. There's a lot of work to be done before we would be able to give a good answer to those. We haven't even got the keys yet from the administrator. We have an idea, but we need to do a lot more work yet to give better answers to all of those questions and the cash flow question as well. We'll be working on those going forward as soon as we get the keys.
One of the things to remember here, Ben, is that this operation has run as an antimony mine for 30 years.
Yeah.
It has run as a gold mine on and off for 100 years. It has actually never run as a gold and antimony mine. If it's economic as an antimony mine and it's economic as a gold mine, and you put both of those together, by definition, really one of them is paying for the other one. Either your gold's free carried or your antimony's free carried. We need to optimize that, and there's numerous choices of how you do that. Those studies need to be undertaken.
All right. Just on the antimony, it is a critical mineral, of course. What do you see is the potential for that part of the operation moving forward?
Luckily, it lifts very easily in the float circuit, so it's a high-value product. I say, today it's probably passing through AUD 20,000 a tonne. When New England Antimony were mining this, it was about AUD 5,000 a tonne. There's a very big difference in what's going on there at the moment. It is used in a lot of electronics now that it never was. It's used in solar panels. It's fair to say you're only going to see more of those. It's got many other uses as well. Listed as a critical mineral to have the largest deposit in Australia, and the eighth largest in the world, again is a good thing. The forecast, talking to people overseas last week is that they expect that antimony will start trading around nickel-type prices within the next 18 months.
Sure, okay. Just back onto the gold production as well, with record gold prices, how much urgency does that add to get moving to production?
Well, it'd be wonderful to be knocking gold out at AUD 3,120 today. That would work for me. Certainly, we're not going to be pondering this. We need to get it right. If you don't get it right, we all know what happens. Rushing in is not a good solution.
Sure. A question about your team. You did touch on the Larvotto team to a degree, but running three projects soon to be hopefully four, will Larvotto need to take on more staff and senior staff to add capability and capacity to run all projects?
Yeah. Certainly, that will happen over time, Ben, no doubt. As I mentioned, we do inherit a team on site who have a lot of site-based skills. They were brought in. They've now been there for over 12 months, so they have a very good understanding of the project. Their job was to do exactly what we want to do. Red River's plan was not a bad plan. They just got stuck on something else and to their detriment, which has become a spectacular opportunity for us. How we rejig the team moving forward, certainly this is a big acquisition, and some mods of what we do and how we do it will flow through. We've all run big programs before. I've run 2,000-man drill programs with multiple helicopters and 20 drill rigs all working at the one time and two operational mines at the same time.
Can we handle it? Yeah. We just need to gear up and plan for it. And we're seeing it's a lot better market. The last couple of years operating in Australia has certainly been the most difficult I've ever seen in the 40 years I've been doing this, getting good people, and getting them out there after COVID has been extreme. We had delays of up to five months for drill rigs. A lot of those issues now are changing. We're seeing a bit of a different world, and it is making life easier. It has been a problem for everybody, but it is getting better.
Okay. Thanks, Ron. I think we've got time for one more question. Any issues with the metallurgy, antimony gold products and notorious for that? Would the goal be to produce a concentrate?
Yes, we certainly do produce a concentrate. We actually produce an antimony gold concentrate. Antimony floats very early on and get a very, very good lift with that, and then that goes into a gold antimony concentrate. We produce two, a high antimony low gold and a high gold low antimony concentrate. They go to different places to be treated typically. About 30% of the gold reports as doré from the high-grade free gold circuit. We get 30% gold in doré and antimony's gold con, and the recoveries through the plant have been in the 90s, so as good as you can get. The gold recovery was always quite low because the free gold doesn't float. Red River put in that circuit and when they ran their low-grade stockpiles, it worked well.
Okay. Thanks, Ron. We'll finish up the Q&A session there. If anybody does have any further questions, I'm sure the Larvotto team would be happy to answer those. Do reach out if need be. On that note, thank you to Ron and Mark for presenting today. Do you have any closing remarks?
No, I think Ron's given a great summary of the asset, the wonderful opportunity. We're really excited, and really looking forward to, as I say, getting the keys and getting stuck in and doing the work. Thanks very much for everyone coming on today. We enjoyed speaking to you. Thanks for the questions, and we'll be updating you as soon as possible. Thanks very much.
Great. Thank you, everybody.
There's lots of information to be coming out. Please keep up with what we're putting out on both LinkedIn and the website. Questions, please feed them in. I always try and get back to wherever I can, shareholders whenever possible. Please don't hesitate to touch base. As I say, I do recommend have a look at some of the other company metrics and get a feel for why we think this is such a good thing for the company.
Great. Thank you, Ron. Thank you everybody for joining us today. We appreciate it. Have a good day.
Thank you.